Anthropic’s confidential listing prospectus sets out at least $518B of future infrastructure commitments stretching across roughly a decade, according to Reuters, which reviewed the document.
About 80 percent of that total is either non-cancellable or payable regardless of how much computing is actually used. Equipment lease obligations tied to Broadcom account for roughly $161.2B. The remainder is spread across cloud partners, including at least $111.1B to Google, $110B to Amazon and $31.4B to Microsoft.
Those figures sit alongside a commitment to take delivery of next-generation tensor processors from 2027, conditional on the business continuing to perform. Roughly 3.5GW of capacity is due to come online under that arrangement.
The financials behind the obligations are stark. Revenue reached nearly $4.6B in 2025, about twelve times the prior year, but the operating loss widened to $8.06B from $2.98B. A net loss approaching $42B includes an accounting charge of roughly $34B from revaluing instruments convertible into shares, money never spent on operations.
Compute is the main cost. Anthropic spent $7.33B on computing and infrastructure during 2025, more than triple the previous year and over half of $12.65B in total operating expenses. The prospectus also flags customer concentration, with close to a quarter of 2025 revenue coming from just two clients, several of whom are not bound by long-term contracts.
